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robhief1 v first direct


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Please can you advise?

On 15-3-7 at 19.41, I spoke to David Watson of First Direct at Hamilton call centre.

He said that the First Direct rate is 19.9% for unauthorised borrowing.

They have sent me the list of charges for going over my o/d limit.

The spreadsheet adds 8%.

Shouldn't I be claiming back 19.9%?

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  • 3 weeks later...

Hi Robbie - your post seems to have been missed.


There are more versions of spreadsheets than the basic Excel packages in THIS thread >>click here


There are differences in the claims procedure when claiming contractual interest. For many people, this may seem to complicate matters, but many others have claimed it and there have been successes as well as failures. The actual charges are never questioned in the same way - so by "failures" I refer to only that part of the claim.


The most important thing for you to do is to read all parts of the site and form your own opinion as to the viability of making a claim for contractual interest. If you choose to claim it, then it would be wise to word the Particulars of your claim to include Statutory Interest in the alternative - this is the 8% that you refer to. Effectively, this would be a 'fall back' position.


It may be that a claim for contractual interest is more likely to be defended than a "standard" claim that only includes Statutory. For this reason, it would be wise to fully familiarise yourself with the arguments for and against and to be sure that you would be comfortable arguing the case to a Judge - in fact any claimant should be prepared to do so, but we are yet to see a standard claim defended.


There are several threads which discuss the issues - here is a 'much visited' one to start you off...




Remember that all information provided by individuals on the site is simply that - an opinion.


We always advise that, if you are in doubt, you may be wise to seek a professional opinion.




Opinions given herein are made informally by myself as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.



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